FSRA is committed to fostering a strong, sustainable, competitive and innovative financial services sector. Key initiatives are in progress to encourage growth while maintaining regulatory oversight to protect consumers.
FSRA is transitioning from a rules-based to a principles-based regulator. This means individuals and entities will be able to develop their own approaches to compliance that are best suited to the unique size, nature and complexity of their businesses.
Growth comes from innovation and FSRA is committed to helping achieve innovation within your sector. We have developed a framework which provides guiding principles designed to make it easier to propose and develop new ideas, products and services and bring them to market for the benefit of consumers.
Consumers have varying degrees of financial knowledge and understanding about the financial services that FSRA regulates. That’s why we have developed a consumer education framework with a list of priorities designed to increase consumers knowledge about, and confidence in, the services they receive from your sector. This will help consumers make informed financial decisions that are right for them and their circumstances.
Insight, suggestions and feedback from consumers and industry representatives helps FSRA better understand how to protect consumers and guide your sector. Various advisory committees have been created to allow for consultation and exchange of ideas regarding priority setting, budgets, the latest advancements, as well as other operational matters.
FSRA is actively working to upgrade portal and data systems to make them more efficient and user friendly for both consumers and industry. We are currently reviewing each of the systems to redesign their functionality using current technologies. There are many systems which will take time to redevelop. We will communicate updates as this work progresses.